The Federal Competition and Consumer Protection Commission (FCCPC) has commended the Central Bank of Nigeria (CBN) for introducing draft guidelines that mandate commercial banks to refund customers for failed Automated Teller Machine (ATM) transactions within 48 hours a move the Commission describes as a long-awaited relief for millions of Nigerians.
The proposed regulation, contained in the CBN’s Draft Guidelines on the Operations of Automated Teller Machines in Nigeria, comes on the heels of the FCCPC’s Consumer Complaints Data Report published in September 2025. The report revealed that the banking and fintech sectors accounted for the highest number of consumer complaints nationwide between March and August 2025 — with over 3,000 banking-related grievances and more than ₦10 billion recovered across 30 sectors.
The Commission’s findings identified failed transactions, unauthorised deductions, and delayed refunds as recurring issues — concerns the CBN’s new draft guidelines directly seek to resolve.
FCCPC’s Executive Vice Chairman and Chief Executive Officer, Tunji Bello, hailed the CBN’s proposal as “a timely and long-awaited correction to a persistent consumer challenge,” adding that it reflects stronger alignment among regulators committed to protecting consumers.
“It is consistent with what the FCCPC has been advocating, given the number of complaints we receive about failed transactions. We commend the CBN for this decisive step, which will ease the burden on consumers and rebuild trust in financial services,” Bello stated.
The Commission noted that the proposed directive aligns with the Federal Competition and Consumer Protection Act (FCCPA) 2018, particularly Sections 17(g), (h), (l), (s), and (t), which promote fair dealings, eliminate unfair practices, and safeguard consumer rights across all sectors.
FCCPC further urged the prompt adoption and implementation of the directive to ensure immediate relief for customers still grappling with delayed or unresolved electronic transaction reversals. It emphasized that swift enforcement would reinforce accountability within the banking industry and strengthen consumer confidence in Nigeria’s digital financial ecosystem.
To ensure effective compliance, the Commission said it would collaborate with the CBN to develop monitoring frameworks that guarantee timely redress when banks fail to meet the 48-hour refund deadline.
Under the proposed rule, customers who experience failed or unresolved ATM or electronic transactions are advised to first report the issue to their banks or the CBN. If unresolved, complaints can then be escalated to the FCCPC through its official Complaint Portal (complaints.fccpc.gov.ng), via email (contact@fccpc.gov.ng), or by calling 0805 600 2020.
